Do I need to leave the trezor t installed in the computer USB until the recieve or send transaction show complete in Trezor Suite. Coinbase is verifying my id before sending to my wallet, and is taking a long time.
they say it will take 72 hours before they release the transaction for verification, for safety reasons. that’s fine with me. Do I need the trezor installed for the entire 72 hours in order to recieve the funds…bitcoin
If you just want to receive, you do not need to have Trezor plugged in.
If you want to send, you need to keep Trezor plugged in until the “signing transaction” progress bar is finished. As soon as Suite shows the transaction in your account (even if it is pending), you can disconnect.
A beginner’s question: if the Trezor is not connected when the receive transaction goes through, where is the Bitcoin (in this case) held, if it is not in the trezor wallet. Sorry if this is too newby and displays my ignorance of the whole system…but trying to wrap my mind around something that is very foreign to my mind.
All coins (and tokens) - and also your Bitcoin (BTC) - are held in the blockchains. Your “wallet” is just your key to access what’s yours in the blockchain(s). That is why it’s so important to keep your private key, and any passphrase you may use, secret and safe. If you lose or damage your Trezor you can restore your wallet any time with a new Trezor by simply restore it with your private key and passphrase (if you use passphrase). If you’ve lost either of these, it’s impossible to restore your funds. So keep them written down and safe!
Thank you. I understand what you are saying (to some degree). I’m confused as to what exactly is held in the Trezor. For instance, every time, I click to “receive” it generates a new address. If the address is always changing what exactly is the address in the Trezor? Is that “receive” address that I use to route payments only a public address, and I never see the actual private address?
If this seems confused, that would be correct, as I am having trouble wrapping my mind around all this.
Yeah, I totally understand this can be confusing in the beginning. Trezor (and other hardware wallets) are just small computers that holds your private keys and generates public keys when needed. All public keys are calculated from the private keys. Here’s the hierarcy:
The private seed is the 12 english words you generated - and hopefully wrote down - when you set up your Trezor T (or 24 words for Trezor One). Everything else is on top of that, layer by layer. Feel free to read about this by clicking on the links.
About that - it’s extremely important to be familiar with the basics of how a wallet like Trezor works in practice, when it comes to Receive/Withdraw and Send, plus what an address is and how you use it. Most faulty transactions are caused by user errors and some of them sadly leads to unrecoverable coins, lost in the big bitbucket out there …
So, do your own research before you do any transaction so you’re sure what you’re doing! If you are unsure, please ask in this forum first. It’s better to ask one time too much than one time too little.
And, remember, always keep your private seed and passphrase (if any) to yourself. Never give them to a 3rd party website or person. There are many scammers out there who are interested in stealing your money and if they have your keys then they will empty your funds from the blockchain(s)!
About the generated address, it’s calculated by your Trezor and you should use a new address for every receive/withdraw transaction for privacy reasons. You can use the same address many times, but then your coins will be more traceable, so when you’ve used one address, don’t use it again but proceed to use the next one in line.
And yes, you never see your private seed, but you can test it anytime by doing a Dry Run Recovery. It’s like a simulated recovery.